in Local Market News, Statistics  

The Cost of Waiting

All of the latest statistics are pointing to a seller’s advantage right now. But are there still benefits for buyers in this market? Absolutely.

Some potential home buyers may be hesitant to start their home search with extremely low inventory and high home prices in the Puget Sound region. While home prices have been increasing year-over-year, so have monthly payments for new buyers.

This is when you ask yourself: What is the cost of waiting to buy?

cost-of-waiting

Between March 2015 and March 2016, the median home price on the Eastside increased $106,886. While the mortgage rate dropped slightly, the monthly payment increased $462 tacking on an extra $5,544 per year! How much more can it increase between now and March of 2017?

If you want to wait, just remember how much more you could spend per month if you hold off until next year to buy a home. Take advantage of these low rates and payments; get in touch with your real estate broker to help you navigate our housing market and find your new home.

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